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SLB Partners in UAE JV to Advance Unconventional Energy Resources
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SLB (SLB - Free Report) , a global technology company in the United States, announced an accord with ADNOC Drilling Co. and Patterson-UTI (PTEN - Free Report) to create Turnwell Industries LLC OPC, a Joint Venture (JV), to expedite the UAE's unconventional oil and gas program.
The three partners look forward to innovations in artificial intelligence, smart drilling design, enhanced completions engineering and better production solutions as a result of this JV.
SLB’s Strategic JV: Driving Unconventional Drilling Program
The prime focus of the JV is to expedite the UAE’s unconventional energy program by undertaking a multi-well drilling campaign in Abu Dhabi. It is likely to be completed by the fourth quarter of 2025 with the potential for more in subsequent phases. According to the terms of the JV agreement, ADNOC Drilling will hold a majority stake of 55% through its affiliate ADH RSC LTD., SLB will hold a 30% stake and Patterson-UTI will hold the remaining 15%. Per the agreement, SLB will provide services like integrated drilling, stimulation and completion services, project management, digital know-how and subsurface support.
SLB stated that its partnership with ADNOC Drilling validates its leading position in the region to provide innovative technological services.
Road Ahead for SLB’s JV
CEO of ADNOC Drilling, Abdulrahman Abdulla Al Seiari, stated that the JV Turnwell Industries will prove to be a stepping stone in unlocking the UAE’s unconventional energy potential.
Notably, Turnwell will drill 144 wells with the potential for more in the second phase. The JV is expected to shape the future of energy, both in the UAE and other countries.
SLB’s Zacks Rank
Currently, SLB carries a Zacks Rank #4 (Sell).
Although the company has a strong presence in more than 100 countries, there has been a slowdown in drilling activities across the oil and gas resources in the world. Lower drilling activities will likely lead to reduced demand for oil field service players like SLB.
Two other oilfield service companies that may also get hurt due to slowing drilling programs are Halliburton Company (HAL - Free Report) and Baker Hughes Company (BKR - Free Report) . While Baker Hughes carries a Zacks Rank #3 (Hold), Halliburton has a Zacks Rank of 4.
Image: Shutterstock
SLB Partners in UAE JV to Advance Unconventional Energy Resources
SLB (SLB - Free Report) , a global technology company in the United States, announced an accord with ADNOC Drilling Co. and Patterson-UTI (PTEN - Free Report) to create Turnwell Industries LLC OPC, a Joint Venture (JV), to expedite the UAE's unconventional oil and gas program.
The three partners look forward to innovations in artificial intelligence, smart drilling design, enhanced completions engineering and better production solutions as a result of this JV.
SLB’s Strategic JV: Driving Unconventional Drilling Program
The prime focus of the JV is to expedite the UAE’s unconventional energy program by undertaking a multi-well drilling campaign in Abu Dhabi. It is likely to be completed by the fourth quarter of 2025 with the potential for more in subsequent phases. According to the terms of the JV agreement, ADNOC Drilling will hold a majority stake of 55% through its affiliate ADH RSC LTD., SLB will hold a 30% stake and Patterson-UTI will hold the remaining 15%. Per the agreement, SLB will provide services like integrated drilling, stimulation and completion services, project management, digital know-how and subsurface support.
SLB stated that its partnership with ADNOC Drilling validates its leading position in the region to provide innovative technological services.
Road Ahead for SLB’s JV
CEO of ADNOC Drilling, Abdulrahman Abdulla Al Seiari, stated that the JV Turnwell Industries will prove to be a stepping stone in unlocking the UAE’s unconventional energy potential.
Notably, Turnwell will drill 144 wells with the potential for more in the second phase. The JV is expected to shape the future of energy, both in the UAE and other countries.
SLB’s Zacks Rank
Currently, SLB carries a Zacks Rank #4 (Sell).
Although the company has a strong presence in more than 100 countries, there has been a slowdown in drilling activities across the oil and gas resources in the world. Lower drilling activities will likely lead to reduced demand for oil field service players like SLB.
Two other oilfield service companies that may also get hurt due to slowing drilling programs are Halliburton Company (HAL - Free Report) and Baker Hughes Company (BKR - Free Report) . While Baker Hughes carries a Zacks Rank #3 (Hold), Halliburton has a Zacks Rank of 4.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.